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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bitcoin Price Watch: BTC/USD Buyers Aim $4,950 In Short Term

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price is slowly recovering and it is currently placed above $4,400 against the US Dollar.
  • There was a break above a short term contracting triangle with resistance at $4,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price may perhaps continue to rise towards the $4,760 and $4,934 levels in the near term.

Bitcoin price is forming a decent support above $4,400 against the US Dollar. BTC/USD is likely to recover towards $4,934 in the short term.

Bitcoin Price Analysis

Yesterday, we saw a minor upside correction from the $4,038 swing low in bitcoin price against the US Dollar. The BTC/USD pair climbed higher and broke the $4,220 and $4,350 resistance levels. The price also succeeded in clearing the 50% Fib retracement level of the last drop from the $4,765 swing high to $4,038 low. It opened the doors for more gains and the price moved above the $4,500 resistance.

Moreover, there was a break above a short term contracting triangle with resistance at $4,480 on the hourly chart of the BTC/USD pair. These are positive signs since the price is now placed above the $4,440 and $4,220 supports. An immediate resistance is near $4,592 and the 76.4% Fib retracement level of the last drop from the $4,765 swing high to $4,038 low. Above $4,600, the price is likely to extend gains towards the $4,765 swing high. The final target could be the $4,934 level, which is the 1.236 Fib extension level of the last drop. On the downside, an immediate support is at $4,440, below which the price could test $4,220.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be consolidating above the $4,220 support. There are positive signs emerging, which could lead the price higher towards $4,750 and $4,934.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently just near the 50 level.

Major Support Level – $4,220

Major Resistance Level – $4,750

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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